KEITH WILSON CO. April 2017 MOBILE HOME PARK REAL ESTATE BROKERAGE ________________________________________________________________________ 2608 RISING STAR CELLULAR: (405) 414-9803 EDMOND, OK 73034 E-MAIL: kwilsonco@aol.com

FOR SALE

HILLCREST MANOR MOBILE HOME PARK 130 Point Park Lane

Friedens, PA

103 sites

8% cap with $100 below market rents

The information contained herein, while gathered from sources deemed reliable, cannot be guaranteed.

GENERAL INFORMATION

103 Sites 12 vacant lots 18 park rentals, 100% occupied, $9,075/mo. $400-595/mo., avg. $505/mo. Mostly 80’s-90’s age. 1 rent to own-$20,670 balance, 60 months’ inception Oct. 2016, $390 home + $260 lot=$650/mo. 72 lot tenants 89% occupancy 60% single wides 40% double wides 75% of tenants are 55+ $285 lot rent ($260 if paid by the 5th, all tenants pay by the 5th) Family park Owner purchased the park 1/30/2016, raised rents $40 2/1/2016 No amenities-office is the managers mobile home Owner pays water, sewer (city) trash. Water is well with a city water back-up. Tenants pay electric and heat (fuel oil) Asphalt streets-no curb Separate brick structure houses a water tower for the well water, which is heated for service to the tenants. The other half of the building is storage. The park is located in Western Pennsylvania, one hour SE of Pittsburgh. It is in the town of Friedens (pop. 1,600), which is a part of Somerset township, 2 miles east of the borough of Somerset (pop. 6,500). Somerset is the county seat of Somerset County. The county has a pop. of 80,000.

BELOW MARKET RENTS There are 4 sizeable mobile home parks in the Somerset area. In addition to the 103 pad Hillcrest Manor, 3 parks are 10 minutes west, which include:

WHISPERING PINES 1873 Husband Road Somerset, PA 15501 100 sites, 55+, 100% occupied, all double wides, community center, exercise equipment, activities, Superior to Hillcrest Manor $448 site rent (rent includes water/sewer/trash/ mowing and snow removal of park and drives) $1,000-$1,100 home rentals for new double wides

SOMERSET ESTATES 1873 Husband Road Somerset, PA 15501 125 sites, family park, mostly single wides, 95% occupied, Comparable to Hillcrest Manor $359 site rent (rent includes water/sewer/trash, snow removal and mowing. $700- 800-single wide rentals, $800- 850-double wide rentals Note: Whispering Pines and Somerset are adjacent to each other 1 mile NW of Somerset.

SUNNY ACRES 190 sites, family park, 100% occupied, majority double wides, playground, b-ball court, pond, located N. of Somerset, 5 minutes from the other 2 parks. Comparable to Hillcrest Manor $369-375 site rent (rent includes water/sewer/trash and snowplow of the park) $700-800-single wide rentals, $800-850-double wide rentals

SUMMARY Site Rent Home Rentals Comparable Whispering Pines (100) $448 (DW) $1,000-$1,100 (DW) Superior Somerset Estates (125) $359 (mostly SW) $700-800 (SW)-$800-850 (DW) Comparable Sunny Acres (190) $369-375 (mostly DW) $700-800 (SW)-$800-850 (DW) Comparable Hillcrest Manor (103) $260 $505 avg. Comparable Hillcrest Manor is at least $100/site below market site rents. Home rentals are $200-300 below market, but Hillcrest does have older (80’s-90’s age) homes than the 3 parks described.

INCOME EXPENSE

2016 (11 MO.) INCOME…………………………………………………….$306,447 Annualized……………………………………………….$334,305 Add $30 rent increase @ 91………………………………..32,760 (before closing) Total………………………………………………………$367,070 EXPENSES Auto……………………………..$252 Bank Charges……………………804 Insurance………………………9,040 Landscaping……………………7,102 Office……………………………1,783 Payroll taxes……………………1,901 Professional fees……………...12,000 ($8,200-water sampling, $3,800-legal, acct) (1) Property taxes………………...24,236 Repairs/Maint………………...11,567 Salaries & Wages…………….15,512 Supplies………………………...1,792 Trash removal…………………7,573 Utilities………………………. 30,916 Total………………………...$124,478 Annualized………………………………………………...$135,794 NOI……………………………………………………………$231,276 (8% cap) (1) Actual professional fees were $17,949. Deducted $771 for a prior owner expense and $8,300 for accounting. Accounting related to the 2016 closing.

FEB-DEC 2016 FINANCIALS

SALES INFORMATION Sales Price……………………………………..$2,900,000 Price/site………………………………………….$27,619 (includes 18 park rental homes) Cap rate…………………………………………….8% Existing Debt…………………………………….$1,300,000, Farmers Bank, Youngstown, OH, 5.25%, 4 yrs remain.

Space Space BAL SPACE RV CREDITS LATE HOME NSF MISC SEC PROP STORAGE BAL BAL BAL CHECK DATE ANNIV COMMENTSNo. Tenant Name Type FWD RENT INCOME ADJMNTS FEES PYMTS CHK/CHG W/S/T DEP TAX LAUNDRY FEE DUE PAID FWD MO # REC'D MONTH NOTES

108 akron Rama Hoover 475.00 475.00 475.00 475.00 475.00 ch 532 5-Mar 42,767

109 akron J. Sarver 260.00 260.00 260.00 260.00 - ch 5692 29-Mar

112 akron L. Welker (tuddy) 260.00 260.00 260.00 260.00 ch 7108 24-Mar

117 akron J. Garry 260.00 260.00 260.00 260.00 - ch 1258 4/4/17

121 akron C. Jimmo 260.00 260.00 260.00 260.00 - ch 2585 mach 24

125 akron R. Reed 260.00 260.00 260.00 260.00 - ch 103 4-Apr

129 akron Jr and colbi Koval R 550.00 550.00 550.00 450.00 100.00 mo. 4160 mach 29 100 off rent this month for installing own back door & putting door knobs on inside

133 akron L. Miller R 465.00 465.00 465.00 565.00 (100.00) ch 7144 4-Apr

135 akron VACANT V - - - - Vacant

139 akron E. Lenhart 260.00 260.00 260.00 260.00 - ch 311 4-Apr

141 akron B. Warhul 260.00 260.00 260.00 260.00 MO 269098 4-Mar

107 Kent B. Friedline 260.00 260.00 260.00 260.00 - ch 1123 4-Apr

108 Kent S. McKenzie 260.00 260.00 260.00 260.00 - ch 2923 4/4/17

109 Kent E. Nicklow 260.00 260.00 260.00 260.00 - ch 972 4-Apr

112 Kent Paul welsh (Martin) 260.00 260.00 260.00 260.00 ch 352 3-Mar

115 Kent F. Ogline R 400.00 400.00 400.00 400.00 - ch 190 4-Apr

118 Kent Jeff Boyer 260.00 260.00 260.00 260.00 - ch 912 4-Apr

119 Kent J. Ogline 260.00 260.00 260.00 260.00 - ch 2387 4-Apr

120 Kent Shane McCusker R 550.00 550.00 550.00 550.00 - Ch. 281 4-Apr

212 Kent G. Jenkins 260.00 260.00 260.00 260.00 ch 151 5-Mar

122 Kent G. Taylor E 230.00 230.00 230.00 230.00 - ch 140 29-Mar empty but pays 230. lot rent

124 Kent j morris 260.00 260.00 260.00 260.00 - ch 162 mach 29

125 Kent M. Sierocky R 540.00 525.00 540.00 540.00 ch 1876 3-Mar

129 Kent T. Custer R 525.00 525.00 525.00 525.00 - ch# 374 4-Apr

133 kent C. Flick R 420.00 420.00 420.00 420.00 ch 9739 24-Mar

134 kent J. Schrock R 585.00 585.00 585.00 585.00 - ch 164 24-Mar

137 kent VACANT V - - - - vacant

140 kent T. Gavlak 260.00 260.00 260.00 230.00 30.00 ch 156 4-Apr empty

141 kent D. Deist 260.00 260.00 260.00 260.00 - ch 181 4-Apr

142 kent D. Walker 260.00 260.00 260.00 260.00 - ch 1559 29-Mar

146 kent B. Stoppe 260.00 260.00 260.00 260.00 - ch 114 4-Apr

147 kent W. Volchko 260.00 260.00 260.00 260.00 - ch 4965 4-Apr

150 kent Tiff. Baker 260.00 260.00 260.00 260.00 mo 0860 4-Mar

151 kent Brittany and mike Iam 260.00 260.00 260.00 260.00 MO 6524 4-Mar

154 kent Todd Howard R 490.00 490.00 490.00 490.00 - ch. 350 4-Apr

155 kent S. Noll R 500.00 500.00 500.00 500.00 - ch 141 4-Apr

158 kent R. Templer R 480.00 480.00 480.00 480.00 - ch 160 4-Apr

159 kent D. Leydig 260.00 260.00 260.00 260.00 - ch 2025 4-Apr

162 kent J. Phillips 260.00 260.00 260.00 260.00 - ch 8071 4-Apr

165 kent VACANT V - - - - abandoned for taxes

166 kent M. Alexander 260.00 260.00 260.00 260.00 mo 269787 5-Mar

167 kent VACANT V - - - - Vacant

170 kent C. Scolli 260.00 260.00 260.00 260.00 - ch 1014 4-Apr

173 kent S. Baker 260.00 260.00 260.00 260.00 ch 317 4-Mar

174 kent JoAnn Moorcroft R/T/O 260.00 650.00 390.00 650.00 650.00 ch# 0015/ ch# 0016 3/5/17

175 kent C. Johnson 260.00 260.00 260.00 260.00 - ch 1146 29-Mar

176 kent P. Hay 260.00 260.00 260.00 260.00 - ch 1662 3/29/17

178 kent R. Hoyle 260.00 260.00 260.00 260.00 Ch 1823 6-Mar late fee

106 Pt Pk S. Sowerbrower F 228.00 260.00 228.00 228.00 - ch 1609 24-Mar dicount in florida

108 Pt Pk L. Walker 260.00 260.00 260.00 260.00 ch 372 3-Mar

109 Pt Pk R. Miller 260.00 260.00 260.00 260.00 - ch 9932 4-Apr

111 Pt Pk H. Weigle F 230.00 260.00 230.00 230.00 - ch 681 29-Mar ch name weirich (will be in floridia sep) be in florida till may or june

112 Pt Pk F. Hahn 260.00 260.00 260.00 260.00 - ch 2775 29-Mar

115 Pt Pk H. Foley 260.00 260.00 260.00 260.00 - ch 6922 4-Apr

116 Pt Pk J. Kimmel 260.00 260.00 260.00 260.00 - ch 4818 4-Apr

119 Pt Pk VACANT V - - - - Vacant

120 Pt Pk B. Smeak 260.00 260.00 260.00 260.00 MG 1448 21-Mar late fee

124 Pt Pk R. Chabol 260.00 260.00 260.00 260.00 ch 1052 10-Mar late fee

125 Pt Pk K. Smale 260.00 260.00 260.00 260.00 - ch 1315 4-Apr

126 Pt Pk M. Wahl R 590.00 590.00 590.00 590.00 - ch 588 4-Apr

127 Pt Pk R. Leer 260.00 260.00 260.00 260.00 260.00 ch 2353 24-Mar

130 Pt Pk L. Patton 260.00 260.00 260.00 260.00 ch 2464 4-Apr

133 Pt Pk Leah Polinski R 500.00 500.00 500.00 500.00 - MO 272464 4-Apr

134 Pt Pk C. Walters 260.00 260.00 260.00 260.00 - Ch 1205 4-Apr

135 Pt Pk F Munzer 260.00 260.00 260.00 260.00 - ch 4293 4-Apr

137 Pt Pk R. Onstead 260.00 260.00 260.00 260.00 - ch 6720 29-Mar

139 Pt Pk G. Klink 260.00 260.00 260.00 260.00 - ch 866 4-Apr

145 Pt Pk R. Porter 265.00 260.00 265.00 265.00 MO 4512 4-Apr

149 Pt Pk VACANT V - - - - vacant

151 Pt Pk T. Custer 260.00 260.00 260.00 260.00 - ch 281 4-Apr

162 Pt Pk E. Weigle F 230.00 230.00 230.00 230.00 - ch 1160 24-Mar In florida 30.00 discount

165 Pt Pk H. Shroyer 260.00 260.00 260.00 260.00 - MO 272054 4-Apr

166 Pt Pk VACANT V - - - -

169 Pt Pk B. Meyers 260.00 260.00 260.00 260.00 - MO# 213242 4-Apr

170 Pt Pk J. Clark 260.00 260.00 260.00 260.00 - ch 1131 29-Mar

172 Pt Pk L. Phillips 260.00 260.00 260.00 260.00 ch 1592 3-Mar

173 Pt Pk J. Kintigh 260.00 260.00 260.00 260.00 - ch 6382 24-Mar

175 Pt Pk S. Stern 260.00 260.00 260.00 260.00 - ch 230 24-Mar

177 Pt Pk C. Sipple 260.00 260.00 260.00 260.00 - mo 6118 4-Apr

178 Pt Pk D. Schafer 475.00 475.00 475.00 475.00 MO# 1070 4-Mar

181 Pt Pk C. Sorenson 260.00 260.00 260.00 260.00 - ch 1036 4-Apr

182 Pt Pk VACANT V - - - - Vacant

184 PT Pk Patricia Augustine R 575.00 575.00 575.00 1,400.00 Ch # 321 4-Aprmove in 4/1

security deposit and pet deposit included in 1st rent

187 Pt Pk J. Stern 260.00 260.00 260.00 260.00 - ch 4497 24-Mar

188 Pt Pk VACANT V - - - - vacant

191 Pt Pk G. Phillippi 260.00 260.00 260.00 260.00 - ch 382 4-Apr

192 Pt Pk W. Boncoski R 405.00 405.00 405.00 405.00 - ch 641 mach 29

195 Pt Pk J. Keri E 260.00 260.00 260.00 260.00 - ch 2678 4-Apr Empty but pays lot rent

HILLCREST MANOR RENT ROLL/BILLING SUMMARY/RESIDENT RECORD APRIL 2017 Apr-17

APRIL 2017 RENT ROLL

Space Space BAL SPACE RV CREDITS LATE HOME NSF MISC SEC PROP STORAGE BAL BAL BAL CHECK DATE ANNIV COMMENTSNo. Tenant Name Type FWD RENT INCOME ADJMNTS FEES PYMTS CHK/CHG W/S/T DEP TAX LAUNDRY FEE DUE PAID FWD MO # REC'D MONTH NOTES

HILLCREST MANOR RENT ROLL/BILLING SUMMARY/RESIDENT RECORD APRIL 2017 Apr-17

196 Pt Pk VACANT V - - - - vacant

199 Pt Pk VACANT V - - - - Vacant

200 Pt Pk VACANT V - - - - Vacant

203 Pt Pk S. Tomaselli R 475.00 475.00 475.00 475.00 ch 184 5-Mar

204 Pt Pk R. Riffle 260.00 260.00 260.00 260.00 - ch 906 4-Apr

207 Pt Pk N. Shaffer 260.00 260.00 260.00 260.00 - ch 2838 24-Mar

208 Pt Pk R. Freeman 260.00 260.00 260.00 260.00 - ch 3165 29-Mar

211 Pt Pk D. Lohr 260.00 260.00 260.00 260.00 - ch 3411 29-Mar

212 Pt Pk P. Kotsch 260.00 260.00 260.00 260.00 - ch 3141 24-Mar

213 Pt Pk C. Harvey R 565.00 565.00 565.00 565.00 - ch 1805 mach 24

216 Pt Pk S. Pitzer 260.00 260.00 260.00 260.00 - ch 1873 4/4/17

217 Pt Pk G. Norris 260.00 260.00 260.00 260.00 ch 622 5-Mar

218 Pt Pk A. Snider 260.00 260.00 260.00 260.00 - ch 971 4-Apr

221 Pt Pk R. Montgomery 260.00 260.00 260.00 260.00 - ch 743 4-Apr

222 Pt Pk H. Smith 260.00 260.00 260.00 260.00 - ch 11747 4-Apr

- -

- -

28168.00 28,600.00 - - - 865.00 - - - - - - 28,558.00 23,358.00 6,285.00 42,767.00 -

APRIL 2017 RENT ROLL

AERIAL MAP OF THE PARK

MAP OF THE PARK AND THE SOMERSET CITY AREA

MAP OF THE PARK IN RELATION TO PITTSBURGH